Samsung Pay literally puts a wallet on the phone and has turned the popular device to a mobile payment powerhouse. Samsung is now turning towards mobile payments and has unveiled Samsung Pay which allows you to pay for products and services by just waving the smartphone at the register rather than swiping a credit card.

This announcement has come along with unveiling of Galaxy S6 and Galaxy S6 Edge that would be the first phones to use this feature. Samsung is latest big technological player to come in the field of mobile payment which was under trial for years before Apple introduced Apple Pay feature on iPhone 6 & iPhone 6 Plus. Features like this will certainly build loyalty of the customers at the time when smartphones are facing tough competition.
Samsung Pay
Samsung pay

Samsung feels that it has the advantage with this system that was obtained by means of purchase of LoopPay which allows Galaxy S6 & Galaxy S6 Edge to operate with large number of stores and merchants. Samsung uses near-field communication (NFC) chip for talking to compatible registers. It also makes use of LoopPay technology known as Magnetic Secure Transmission which operates by keeping phone near the traditional swipe reader card making it compatible backward for most of payment terminals. Get all offers and deals on these super smartphones at SaveMyPocket. Samsung expects it to be accepted at nearly 30 million merchant locations across the world.

Apple has gradually broadened range of partners who accept Apple Pay. It also employs NFC chip in the smartphones but only few registers have this technology and because of this the usage and adoption is limited. Apple had 200,000 acceptance points till last January though its deployment is restricted to the US.  Samsung has also had an agreement with many partners for backing its payment system. Mastercard & Visa payment networks are committed to Samsung Pay as financial players like Bank of America, American Express and JP Morgan Chase. Master card and Visa could move to Samsung Pay easily because they had been associated in making mobile payments operate with Apple.

The launch of Samsung Pay will be an important milestone that could lead to more consumer adoption of the mobile payments in places where consumers have been displaying increased interest in utilizing mobile devices for making secure Visa transactions. Now get your hands on these smartphones using Amazon. Samsung has stated that personal account numbers would not be kept by them on the customer’s device and as in case of Apple use secure token  having random information in place of card data for making the financial transactions.
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Users can get started by putting in their cards in the smartphone. You need to swipe up from the bezel for opening of Samsung Pay app, choose the payment card and authenticate with fingerprint sensor in phone. Samsung Pay utilizes wireless technology entrenched in newest smartphone of Samsung for interacting with tills while buying items from the shops. On adding payment card to your smartphone, you can make payment by tapping your phone at the till and authenticating transaction using fingerprint scanner of the phone.

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Diptesh Kumar Bhakat is proud to be the author of fastest growing tech blogs. He is a tech savvy. Mr. Diptesh is currently pursuing his B.Tech in Mechanical Engineering. He has a very close attachment with the tech world and loves to blog on his fav topics. He has also contributed to many regional dailies and authored guest posts on some of the leading tech blogs. You can reach him through Facebook, twitter, Google+ and linked-in.

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